195 Hodge Ave · Buffalo, NY 14222

$399,000

4 bd · 3.0 ba · 3,368 sqft · MultiFamily public records · 29 Days on market

Built 1900 6,000 sqft lot $118/sqft · 54% below area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Located in the heart of Buffalo’s highly sought-after Elmwood Village, this classic 3-unit property offers incredible potential for investors or owner-occupants looking to build equity in one of the city’s most walkable and desirable neighborhoods. While the property does need updating, it still showcases the timeless character and old-world charm buyers love — including hardwood floors, tall ceilings, beautiful stained glass windows, and original architectural details throughout. The building features separate utilities, updated mechanics, and circuit breakers, providing a solid foundation for future improvements. Surrounded by restaurants, cafes, shops, parks, and nightl

Key facts

• Separate utilities
• Strong rental demand
• Circuit breakers

Tags

• HARDWOOD FLOORS
• STAINED GLASS WINDOWS
• SEPARATE UTILITIES
• UPDATED MECHANICS
• CIRCUIT BREAKERS
• STRONG RENTAL DEMAND

Property features AI

Finance

• Financial info: Owner pays water; Rent includes water; Operating expenses: see remarks; Three total residential units

Exterior

• Parking: On-street parking
• Security: Fire escape
• Utilities: High-speed internet available; Public water connected; Sewer connected; Circuit breaker electric system
• Home design: Three-story multi-unit building; Existing construction
• Construction: Composite and wood siding; Asphalt roof; Stone foundation; Copper and PEX plumbing
• Exterior features: Partial fencing; Covered and open porch; Patio/porch with porch area; Fence; Fire escape; Near public transit; Rectangular residential lot; City street frontage

Interior

• Kitchen: Eat-in kitchens in units; Oven/Range; Refrigerator
• Bedrooms: Unit mix includes one 1-bedroom unit and two 2-bedroom units
• Flooring: Ceramic tile; Hardwood; Laminate; Varied flooring
• Bathrooms: Three full bathrooms total
• Heating & cooling: Hot water heating; Gas heating
• Interior features: Leaded glass windows; Natural woodwork; Programmable thermostat; Full basement; Two fireplaces
• Laundry & utility: Gas water heater; Separate gas meters for each unit; Separate electric meters (4 total)

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $4k ($52k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $399k).
• Recommended offer: $393k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.4% vs local median 8.0% in Buffalo — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#195 in NY, #3,011 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Buffalo City School District (urban): math 41% / reading 40% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.7%/yr); 63 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $8,547/mo this rent would consume 126% of the median local household income ($82k/yr) (locally 978% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $112k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $393,015 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.14% ✓
• Cap rate: 19.43%
• Cash-on-cash: 46.91%
• DSCR: 3.09
• GRM: 3.9

CMA / ARV

• ARV (median comp): $862,138
• List price: $399,000
• Delta: -53.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
175 Richmond Ave	0.26mi	4/—	3,653 (+8%)	15mo	$532,500	$146	61
134 Linwood Ave	0.50mi	3/3.0 (-1)	3,332 (-1%)	11mo	$400,000	$120	61
256 Ashland Ave	0.12mi	4/3.0	2,865 (-15%)	21mo	$365,000	$127	52
348 Richmond Ave	0.25mi	3/2.0 (-1)	2,981 (-12%)	15mo	$345,000	$116	48
89 Highland Ave	0.39mi	5/2.0 (+1)	3,871 (+15%)	2mo	$520,000	$134	47
108 Plymouth Ave	0.72mi	5/2.0 (+1)	3,240 (-4%)	10mo	$280,000	$86	42
121 Linwood Ave	0.54mi	5/4.0 (+1)	3,487 (+4%)	22mo	$595,000	$171	41
176 N Pearl St	0.70mi	4/2.0	3,012 (-11%)	12mo	$549,900	$183	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.69% rent growth · sell at horizon

5-year hold

• IRR: 46.0%
• Equity multiple: 3.04×
• Total profit: $228,152
• Equity at exit: $59,492

10-year hold

• IRR: 52.5%
• Equity multiple: 6.54×
• Total profit: $619,172
• Equity at exit: $34,498

Cash invested: $111,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 14222

• Home prices YoY: -31.4%
• Rents YoY: 4.7%
• Active inventory: 63
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $8,547 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$127 /mo · $1,519/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,795
• Net cashflow: $4,367

Break-even live

Break-even rent $3,019

Max offer price $399,000

Occupancy floor 44%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$8,547
Total (3 units)			$8,547

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
405 W Ferry St Unit Lower Buffalo, NY	3.0	1.0	2480	$1,500	$0.60	43d	1	0.56mi
11 Hoyt St Buffalo, NY	4.0	1.0	2848	$1,775	$0.62	14d	1	0.60mi
664 Auburn Ave Unit 1 Buffalo, NY	4.0	2.5	3500	$5,000	$1.43	43d	1	0.62mi
83 Baynes St Unit Lower Buffalo, NY	3.0	1.0	2550	$1,850	$0.73	14d	1	0.66mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,700	$0.67	14d	1	0.71mi
501 West Ave Buffalo, NY	3.0	1.0	2552	$1,850	$0.72	19d	1	0.71mi
7 Berkley Pl Buffalo, NY	3.0	1.0	2879	$1,250	$0.43	3d	1	1.21mi
28 Lonsdale Rd Buffalo, NY	3.0	1.0	2735	$1,725	$0.63	43d	1	1.35mi

Listing history 16 events

1. 2026-06-13
   statusdays on market $399,000 Pending 29 DOM
2. 2026-06-13
   days on market $399,000 Active 28 DOM
3. 2026-06-10
   days on market $399,000 Active 26 DOM
4. 2026-06-09
   days on market $399,000 Active 25 DOM
5. 2026-06-08
   days on market $399,000 Active 24 DOM
6. 2026-06-07
   days on market $399,000 Active 23 DOM
7. 2026-06-03
   days on market $399,000 Active 19 DOM
8. 2026-06-02
   days on market $399,000 Active 18 DOM
9. 2026-06-01
   days on market $399,000 Active 17 DOM
10. 2026-05-31
    days on market $399,000 Active 16 DOM
11. 2026-05-15
    listed $399,000 Active 930-char remark
12. 2026-01-24
    historical
13. 2026-01-21
    historical
14. 2026-01-21
    historical
15. 2025-11-06
    status Pending
16. 2025-09-29
    listed $379,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $1,519 · $127/mo
• Projected year-2 tax: $4,131 · $344/mo
• Expected delta: +$2,612/yr (+$218/mo · 171.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $102,564
• − Mortgage interest: −$22,350
• − Property taxes: −$1,519
• − Insurance: −$1,995
• − Repairs & maintenance: −$8,205
• − Management: −$8,205
• − Depreciation: −$11,607
• Taxable income: $48,682
• Est. tax owed @ 24.0%: −$11,684
• After-tax cash flow: $40,719/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Buffalo City School District
• NCES district ID: 3605850
• Math proficiency: 41% ▲ 11.00%
• Reading proficiency: 40% ▲ 7.00%
• Median HH income: $31,665
• Composite: 33.17/100
• National rank: #5544
• State rank: #535 of 590 in NY

Livability — Buffalo

• Score: 77/100
• State rank: #195
• US rank: #3011

Category grades

Amenities A Commute A+ Cost of living A Crime F Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Buffalo, NY
• County: Erie County · 714,559 people
• City population: 440,021
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 15,311
• Household income: $81,652
• Rent vs Own: 60.1% rent · 39.9% own
• Severe rent burden: 978.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 933,037 people
• By 2030: 935,181 · +0.2%
• By 2040: 928,531 · -0.5%
• By 2050: 905,725 · -2.9%
• By 2075: 834,037 · -10.6%
• By 2100: 708,033 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 11% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 13% Lithuanian 2% Slovak 2%
• Foreign-born: 7% · Canada, Vietnam, Jamaica
• Languages at home: 89% English-only · Spanish 3% German/W. Germanic 2% French/Haitian/Cajun 1%

Political lean MEDSL · Erie

• 2024 margin: Lean D (+9.7) · D 54.8% · R 45.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.5pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+14.7 2016: D+4.8 2012: D+15.6 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -205.10%
• Current HPI: 448.3711
• Rent YoY: ▲ 4.69%
• Metro: Buffalo-Cheektowaga, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+5.0% since first listed

7 events — show timeline

• 2026-06-13 Pending — WNYREIS
• 2026-05-15 Listed $399,000 WNYREIS
• 2026-01-24 Listing Removed — WNYREIS
• 2026-01-21 Listing Removed — WNYREIS
• 2026-01-21 Listing Removed — WNYREIS
• 2025-11-06 Pending — WNYREIS
• 2025-09-29 Listed $379,900 WNYREIS

Property tax history

+10.0%/yr

Latest (2025): $1,519 · +8.0% YoY. Source: county tax records.